The Federal Government has declared a slash in Premium Motor Spirit (PMS) pump price from N145 to N125, citing recent crash in world oil prices and the resultant economic realities faced by the nation.
It would be recalled that former Vice-President, Atiku Abubakar, had earlier in the day, made suggestions for a cut in PMS pump price as a means of reducing Nigerians’ sufferings due to economic effects of the deadly coronavirus infection.
According to the Nigerian National Petroleum Corporation (NNPC), an immediate review of pump price had been embarked upon following receipt of directives issued by the Petroleum Minister, Timipre Sylva, dictating downward reviews of petroleum prices which translated to a reduction in price at pump to be enjoyed by the Nigerian people.
NNPC stated that it had reveiwed its ex-coastal and ex-depot prices accordingly, and that the stated price changes were expected to take effect immediately following the Wednesday announcement.
The corporation reiterated that all NNPC retail stations nationwide had received directives to start selling at the new pump price, and expressed its elation that Nigerians would benefit from the price reduction implemented by the government.
“Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre. These reductions will therefore translate to N125/litre retail pump price”.